Eurogroup’s failure yesterday to reach an agreement about Greece after 12 hours of talks, attracted the attention of international media agencies today with most reports underlining that now Greece is forced to anxiously wait for the disbursal of the next aid package of 44 billion Euros. BBC noted that Europe failed to reach an agreement [...]
Tag Archives | Greek debt crisis
Citigroup to Close Nearly Half of Branch Network in Greece
Citigroup Inc is to shut almost half its branch network in Greece, where retail banking activity has dried up because of the country’s debt crisis. Citi, the last major international bank with a countrywide presence in Greece, will cut its network to 21 branches from 37 by shutting all branches outside Athens and Thessaloniki, it [...]
Ex-IMF Director Says Greece Needs Another Write-Off
Only another write-down of Greece’s debt will help stabilise the country financial situation, a just-departed director of the International Monetary Fund says. Arvind Virmani, who represented India at the IMF for three years until the end of October, on Friday told AFP that Greece’s lenders must agree to a new write-off to avoid a full-scale [...]
Greek Women Prostituting Themselves in Italy
The Italian daily newspaper Il Messagero, in an extensive report, said that many Greek women, desperate over the country’s economic crisis and with few prospects for income, have gone to Italy to work as prostitutes. “Indebted Greece is beginning to walk the streets for money; the same streets that human traffickers have been owning for [...]
Biliris’ Mute Portrait of the Greek Crisis
Τake seven minutes of your spare time to watch this visual essay of Yiannis Biliris on the Greek crisis spreading across not only the country’s economics but its people and their lives as well. MUTE – The visualization of an economic rape, needs no words to come alive. After all pictures can tell stories without [...]
Self-Employed Greeks Cry Poverty to Evade Taxes
A report from the Greek Finance Ministry has found that while many Greeks have been hit with pay cuts, tax hikes and slashed pensions during a crushing economic crisis, that most self-employed businesspeople are declaring low incomes, including below the poverty line and under levels at which they would be taxed. According to the Ministry’s [...]
Once-Familiar Faces of Tourists to Greece are Changing
The debt crisis has had its toll on most everything and everyone connected to Greece. Many Greeks are suffering through harsh financial times that have deeply altered their everyday lives for the worse and the floundering Greek economy is not expected to recover from its Catch 22 situation for a long time. The new coalition [...]
Less Police Guards for Greek VIPs Amidst Public Outcry
Greek politicians and VIPs will be left without their private bodyguards redeployed from the Greek police, as announced on Tuesday, in a move aiming at soothing public anger over the ongoing crisis and rising criminality rates in the country. The harsh austerity measures imposed on the ordinary Greeks by the EU/ECB/IMF have had the people [...]
Greek Market Ends Session 7.1% Lower
The Greek market suffered the biggest percentage loss since the beginning of the year, weighed down by the negative sentiment surrounding the euro zone periphery on Spain΄s deteriorating economic situation and the recurring debt crisis. On the board, the General Index ends 7.1% lower at 586.04, the first closure of the Index below 600 since [...]
CNN Report on Unemployment Tormenting Greek Youth
CNN reported yesterday on unemployment, increasing suicide rates, migration and rising criminality in Greece by featuring six young Greeks and their personal interpretations and answers to the deepening debt crisis. Maria Papapanagiotaki and Aristotle Skalizos have been dating each other for two years now and are part of the segment of Greek youth that is [...]
Greek Crisis Gives Birth to Ingenuity: Home-made Swimming Pool
The Greek economy has been suffering under the burden of piling debt to international creditors and austerity measures from the EU/IMF/ECB for the past five years, leaving its people with almost nothing new to start with. Taxation is increasing, while prices climb higher. Cuts in social expenditures force people into despair, while politicians yearning for [...]
Luxury Resort “Astir Palace” in Athens For Sale
While recession is restlessly breaking the back of the Greek economy, the National Bank of the country is looking to sell the famous Astir Palace luxury resort in Athens. The 3.3 million-square-foot complex is part of a general privatization program aiming at providing the cash-stripped country with some liquidity. An extensive Blοomberg report noted that [...]
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Calendar – Exhibits, Concerts, Fun
- Open Call for Greek Designers May 19, 2013
- Greece Celebrates International Museum Day on May 18 May 18, 2013
- Edessa Cherries, Wine For Gastronomy Fair May 17, 2013
- Greek Choreographers Festival In Thessaloniki May 17, 2013
